Income From Discontinued Operations
We recorded income from discontinued operations of approximately
$18.1 millionfor the nine months ended August 31, 2013, compared to a loss from discontinued operations of approximately $0.5 millionin the same period of fiscal 2012. This increase in income is attributable to the operations of and the gain on the sales of our Databus assets and Sensors operations. During the nine months ended August 31, 2013we recorded gains on the sales of Databus and Sensors of approximately $10.0 millionand $11.8 million, respectively.
We recorded net income for the nine months ended
August 31, 2013of approximately $0.0 million, compared to a net loss of approximately $136.4 millionfor the nine months ended August 31, 2012. The decrease in net loss is largely due to the write-down of $107.5 millionof goodwill related to our EMS segment in the nine months ended August 31, 2012, the gains on the sale of discontinued operations of approximately $21.9 millionin the nine months ended August 31, 2013, and lower expenses including restructuring and acquisition related costs of approximately $15.0 millionand a lower write-down of approximately $2.4 millionof discounts and deferred financing costs during the nine months ended August 31, 2013, compared to the nine months ended August 31, 2012, partially offset by lower contribution margin due to lower revenues in the nine months ended August 31, 2013. 36
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Liquidity and Capital Resources
Overview and Summary
Our sources of capital include cash flows from operations, available credit facilities and the issuance of equity securities.
August 31, 2013, we held cash and cash equivalents of approximately $12.5 millioncompared to $20.5 millionat November 30, 2012. We believe that (i) our available cash and cash equivalents, (ii) funds available under our Revolving Loan Agreement as described below, and (iii) future cash flows from operations will be sufficient to satisfy our anticipated cash requirements for the next twelve months, including scheduled debt repayments, lease commitments, planned capital expenditures, and research and development expenses. There can be no assurance, however, that unplanned capital replacements or other future events, will not require us to seek additional debt or equity financing and, if so required, that it will be available on terms acceptable to us, if at all. Any issuance of additional equity could dilute our current stockholders' ownership interests.
Term Loan Agreement and Revolving Loan Agreement
February 6, 2013, in connection with entering into the Term Loan Agreement and the Revolving Loan Agreement, the Amended and Restated Credit Agreement, dated as of June 27, 2011and amended on January 6, 2012and March 22, 2012, by and among the lenders from time to time party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, lead arranger and sole book-runner (the "Credit Agreement") was paid off and terminated.